中国国航公告称，近日收到上交所出具的《审核问询函》，上交所审核机构对公司向特定对象发行股票 申请文件进行审核并形成首轮问询问题。公司会同相关中介机构对问题进行研究落实和回复，现公开披 露《审核问询函》回复，具体内容见上交所网站。本次发行尚需经上交所审核通过及中国证监会同意注 册，最终结果及时间不确定，公司将按规定及时披露进展。 ...

Core Insights - The aviation and airport sector experienced a significant increase of 3.36% on January 19, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - China Eastern Airlines (600115) closed at 6.13, up 6.06%, with a trading volume of 1.6115 million shares and a transaction value of 979 million [1] - Southern Airlines (600029) closed at 7.75, up 4.31%, with a trading volume of 937,300 shares and a transaction value of 720 million [1] - Air China (601111) closed at 8.81, up 4.14%, with a trading volume of 1.3003 million shares and a transaction value of 1.141 billion [1] - Spring Airlines (601021) closed at 58.46, up 3.87%, with a trading volume of 75,900 shares and a transaction value of 441 million [1] - Other notable performances include Xiamen Airport (600897) at 17.27, up 2.37%, and Shanghai Airport (600009) at 31.72, up 1.05% [1] Capital Flow - The aviation and airport sector saw a net inflow of 27.1067 million in main funds, while retail funds experienced a net inflow of 54.5283 million [2] - The sector's overall capital flow indicates a mixed sentiment, with main funds showing a net outflow in some stocks while retail investors contributed positively [2][3] Individual Stock Capital Flow - Hainan Airlines (600221) had a main fund net outflow of 56.1893 million, while retail investors showed a net outflow of 28.2785 million [3] - Shanghai Airport (600009) recorded a main fund net inflow of 41.0025 million, but retail investors had a net outflow of 50.1886 million [3] - Southern Airlines (600029) saw a main fund net inflow of 23.9450 million, with retail investors also showing a net outflow of 13.4306 million [3] - Other stocks like Xiamen Airport (600897) and Shenzhen Airport (000089) also reflected varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1: Market Performance - The A-share market showed mixed performance on January 19, with major indices fluctuating, while sectors like electric grid and precious metals remained strong, and other popular sectors continued to pull back [1] - The consumer sector saw a boost due to positive consumption data and policy support, particularly in retail and tourism, with notable performances from duty-free and airline stocks [1] Group 2: Consumer Data Insights - Recent consumer data highlights include a projected growth in service retail sales by 5.5% year-on-year for 2025, with significant increases in categories such as cultural and recreational services, telecommunications, and travel services [2] - In Hainan, the first month of duty-free sales from December 18, 2025, to January 18, 2026, reached 4.86 billion yuan, marking a 46.8% year-on-year increase, with shopping participation and item counts also showing substantial growth [2] Group 3: Airline Industry Performance - Airlines reported strong operational data for December 2025, with China Eastern Airlines showing a 4.93% increase in passenger capacity and a 7.61% rise in passenger turnover [3] - China Southern Airlines reported an 11.89% increase in passenger capacity and an 11.20% rise in passenger turnover for the same period, indicating a robust recovery in the aviation sector [3] Group 4: Policy Support for Consumption - The State Council's recent meeting emphasized the need to accelerate the cultivation of new growth points in service consumption and to enhance the quality of service supply, aiming to stimulate consumer spending [4] - Analysts noted that the recent consumer data reflects a structural recovery, with growth shifting from traditional goods to services and duty-free markets, supported by improving airline and freight data [4] Group 5: Investment Opportunities - The consumer sector is currently in a phase of "policy catalysis + seasonal drive," with expectations for recovery in essential and discretionary consumption sectors, particularly in areas like liquor, food and beverage, tourism, and airlines [5] - Investment strategies should focus on high-quality stocks that demonstrate supply innovation, policy support, or brand upgrades, as the market shifts towards structural and thematic opportunities [5]

有券商表示，从供给层面看，旅游景区、酒店、旅行社和旅游零售等各个业态均全面复苏。政策层面上， 国家持续出台产业政策，从规范行业发展、加大优质旅游产品和服务供给、优化旅游基础设施投入、完善 旅游交通服务、拓宽行业融资渠道等多方面给予支持，积极推动旅游业高质量发展。 旅游概念股走强，中国东航涨超5%，中国国航、锦江酒店、首旅酒店涨超4%。 受盘面影响，旅游ETF涨约3%。 此外，随着春节假期延长，叠加冰雪旅游热度提升、免税免签政策陆续出台等，旅游板块近期热度显著提 升。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the article highlights a significant increase in airline stocks, with Eastern Airlines rising by 7.66%, Southern Airlines by 4.68%, Air China by 3.18%, and Cathay Pacific by 0.66% [1] - The 2026 Spring Festival travel season is set to begin on February 2 and end on March 13, with an expected passenger volume of 95 million over the 40 days, averaging 2.375 million passengers per day, representing a year-on-year growth of 5.3% [1] - A report from Zhongtai Securities indicates that the later timing of the Spring Festival this year may lead to varied return travel patterns among different demographics, particularly benefiting student travel as schools begin their winter breaks, which is expected to boost market demand [1] Group 2 - Short-term favorable conditions in oil and exchange rates are anticipated to continue, alongside the "anti-involution" trend and the Spring Festival holiday, creating a strong expectation for improved airline volume and pricing [1] - The positive changes in the fundamentals of the airline industry are expected to present investment opportunities [1]

Investment Rating - The report maintains a "Recommendation" rating for the aviation industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [61]. Core Insights - The domestic passenger load factor for listed airlines continues to improve, with Spring Airlines leading at 92.2% in December, and Air China showing the highest year-on-year increase [1]. - The report highlights a structural improvement in demand for the aviation industry, with a notable recovery in cross-border travel demand outpacing domestic demand [9]. - The report emphasizes the high elasticity of prices under high load factors, indicating potential for price increases as the industry recovers [9]. Summary by Sections 1) Domestic Routes - In December, the ASK (Available Seat Kilometers) growth was led by Spring Airlines at 16.4%, followed by China Southern Airlines at 6.8% and Air China at 4.2% [2]. - The RPK (Revenue Passenger Kilometers) growth for December was also led by Spring Airlines at 17.7%, with Air China at 10.6% and China Southern Airlines at 6.9% [2]. - For the cumulative data from January to December, East China Airlines had the highest ASK growth at 10.7%, while Spring Airlines and East China Airlines both had RPK growth of 9.1% [2]. 2) International Routes - In December, China Southern Airlines led with an ASK growth of 25.8%, followed by East China Airlines at 9.4% and Air China at 4.1% [3]. - The RPK growth for December was also led by China Southern Airlines at 22.8%, with East China Airlines at 11.0% and Air China at 9.1% [3]. - For the cumulative data from January to December, 吉祥航空 (Juneyao Airlines) showed the highest ASK growth at 37.6% and RPK growth at 43.5% [3]. 3) Regional Routes - In December, Spring Airlines had the highest ASK growth at 92.0%, while 吉祥航空 (Juneyao Airlines) experienced a decline of 20.2% [4]. - The RPK growth for December was again led by Spring Airlines at 97.5%, with 吉祥航空 (Juneyao Airlines) showing a decline of 15.9% [4]. - For the cumulative data from January to December, China Southern Airlines had the highest ASK growth at 3.1%, while Spring Airlines and 吉祥航空 (Juneyao Airlines) both showed significant declines [4]. 4) Passenger Load Factor - In December, Spring Airlines had a load factor of 91.5%, with a year-on-year increase of 0.7% [5]. - For the cumulative data from January to December, Spring Airlines maintained a load factor of 91.5%, with Air China at 81.9% showing a year-on-year increase of 2.0% [5]. - The total fleet of the five listed airlines increased by 15 aircraft by December 2025, with a year-on-year fleet growth of 4% [5].

Market Overview - The aviation and airport sector declined by 0.78% on January 16, with CITIC Hainan Airlines leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Notable stock performances included: - Huaxia Airlines (002928) increased by 2.06% to close at 10.90 with a trading volume of 221,100 shares and a turnover of 239 million yuan [1] - Hainan Airlines (600221) rose by 0.60% to 69.1 with a trading volume of 2.51 million shares and a turnover of 423 million yuan [1] - Xiamen Airport (600897) increased by 0.42% to 16.87 with a trading volume of 35,800 shares and a turnover of 60.46 million yuan [1] - China Eastern Airlines (600115) decreased by 0.86% to 5.78 with a trading volume of 1.33 million shares and a turnover of 770 million yuan [1] - China Southern Airlines (600029) fell by 1.46% to 7.43 with a trading volume of 795,100 shares and a turnover of 594 million yuan [2] Capital Flow - The aviation and airport sector experienced a net outflow of 477 million yuan from institutional investors, while retail investors saw a net inflow of 257 million yuan [2] - The capital flow for individual stocks showed: - Xiamen Airport had a net inflow of 121.82 million yuan from retail investors, despite a net outflow of 341.39 million yuan from institutional investors [3] - CITIC Hainan Airlines faced a significant net outflow of 75.42 million yuan from institutional investors, while retail investors contributed a net inflow of 57.25 million yuan [3] - China Eastern Airlines had a net outflow of 73.70 million yuan from institutional investors, with retail investors contributing a net inflow of 45.21 million yuan [3]

Core Viewpoint - China National Airlines' stock price has experienced a decline of 10.78% year-to-date, with significant drops in recent trading days, indicating potential challenges in the aviation sector [2]. Group 1: Stock Performance - As of January 16, China National Airlines' stock price fell by 2.11%, trading at 8.36 CNY per share, with a total market capitalization of 145.87 billion CNY [1]. - The stock has decreased by 6.90% over the last five trading days, 4.46% over the last 20 days, and 1.88% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, China National Airlines reported a revenue of 129.83 billion CNY, reflecting a year-on-year growth of 1.31%, while the net profit attributable to shareholders was 1.87 billion CNY, up 37.31% year-on-year [2]. - The company has cumulatively distributed dividends of 13.32 billion CNY since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for China National Airlines was 129,100, a slight decrease of 0.12% from the previous period [2]. - The top circulating shareholder, China Securities Finance Corporation, holds 311 million shares, unchanged from the previous period, while Hong Kong Central Clearing Limited reduced its holdings by 12.3 million shares [3].

证券代码：601111 股票简称：中国国航 公告编号：2026-003 中国国际航空股份有限公司 2025年12月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2025年12月，中国国际航空股份有限公司（以下简称"本公司"）及所属子公司（以下简称"本集团"）合 并旅客周转量（按收入客公里计）同比上升。客运运力投入（按可用座位公里计）同比上升4.0%，旅 客周转量同比上升10.0%。其中，国内客运运力投入同比上升4.2%，旅客周转量同比上升10.6%；国际 客运运力投入同比上升4.1%，旅客周转量同比上升9.1%；地区客运运力投入同比下降0.7%，旅客周转 量同比上升4.1%。平均客座率82.2%，同比上升4.5个百分点。其中，国内航线同比上升4.9个百分点， 国际航线同比上升3.6个百分点，地区航线同比上升3.4个百分点。 货运方面，货运运力投入（按可用货运吨公里计）同比下降1.9%，货邮周转量（按收入货运吨公里 计）同比上升5.3%。货运载运率为39.2%，同比上升2.7个百分点。 2025年12月30日 ...

Group 1 - The core viewpoint of the article is that the aviation aftermarket services market is shifting towards Asia, with China projected to become the largest market, growing from $24.8 billion in 2025 to $63.8 billion by 2044 [1] - Over the next 20 years, China is expected to receive approximately 9,570 new aircraft, reinforcing the demand for various services throughout the aircraft lifecycle [3] - Several Chinese airlines have recently announced new aircraft orders with Airbus, including Air China ordering 60 A320neo aircraft, with a total catalog price of approximately $9.53 billion [4] Group 2 - The maintenance and training market is expanding, becoming a critical component for fleet operation as Airbus secures more aircraft orders in China [5] - The Off-Wing Maintenance market is projected to grow from $17 billion in 2025 to $44.8 billion by 2044, while the On-Wing Maintenance market is expected to increase from $3 billion to $6.8 billion in the same period [6] - The digital and connected market is anticipated to be the fastest-growing segment, expanding from $1.4 billion in 2025 to $5.1 billion by 2044, focusing on smarter operations and predictive maintenance [6] Group 3 - The aviation maintenance market in China is expected to grow rapidly due to the increasing fleet size and aging aircraft, with maintenance costs for engines surpassing their purchase costs [7] - Chinese airlines are accelerating their digital transformation, with over 9,000 aircraft expected to have onboard connectivity, potentially saving over $2.2 billion in operational costs and an additional $5.7 billion through reduced fuel costs [7]